Shares of closed Wednesday’s session, March 25, higher by 4% at ₹275 apiece, as investor sentiment improved after the company executed two long-term Power Purchase Agreements (PPAs).
In a regulatory filing today, the company said it has signed two PPAs through its wholly owned subsidiaries — Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited — with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL).
The agreements involve the development of solar photovoltaic power generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).
The combined EPC value of the projects stands at approximately ₹1,369 crore. The company said both projects are expected to be completed within 18 months, followed by operations, maintenance, and power supply for 25 years under long-term PPAs at a quoted tariff ranging between ₹2.72 and ₹2.86 per unit.
The infrastructure company has been in the headlines for securing in March; however, its shares have remained muted amid ongoing uncertainty. On Tuesday, the company received two EPC orders from Purvah Green Power Private Limited, to be executed in Andhra Pradesh, with a combined value of ₹300 crore.
Last week, the company said its subsidiary, Ceigall Infra Projects Private Limited, secured an order worth ₹603 crore from the National Highways Authority of India for the construction of a 10.30 km stretch under NH(O) in Punjab on a hybrid annuity mode.
The project is expected to be completed within 18 months, followed by operations and maintenance for 15 years. During the same week, the company also secured a similar order worth ₹274 crore from the Ministry of Road Transport and Highways, with a construction period of 48 months and a maintenance period of five years.
Ceigall India share price trend
The company’s shares have remained highly volatile since listing, losing over 25% of their value. The stock debuted in August 2024 at a discount to its issue price of ₹401 apiece, and weak momentum persisted over the following seven months, resulting in a cumulative decline of 34%.
The stock showed some recovery after the sharp sell-off, but the gains proved short-lived, as it still trades 31.3% . On a yearly basis, the stock ended the previous year down 21%.
According to Trendlyne shareholding data, promoters held a majority stake of 82.1% in the company as of the December-ended quarter, while public shareholders owned around 10%.
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